Lumi issues prospectus to list 16.5 mln shares on TASI

Lumi Rental Co. issued today, Aug. 24, its prospectus to float 16.5 million shares, or 30% of its SAR 550 million capital, on the Saudi Exchange (Tadawul).

The Capital Market Authority (CMA) approved on March 31, the application submitted by Lumi Rental to float shares on Tadawul.

Participating parties include those entitled to participate in the book-building process. The number of shares allocated for this category is 16.50 million, or 100% of the total offer shares. In case of a strong turnout from retail investors, the allocation to this category will be decreased to 14.85 million, or 90% of the total shares offered.

Individual investors include Saudi legal persons and non-Saudi legal residents in the Kingdom, as well as GCC nationals who have a banking account with the receiving banks and have the right to open investment account with a financial institution. A maximum of 1.65 million shares, or 10% of the total offer, will be allocated for this category.

Participating parties entitled to participate in the book-building process will start registration on Aug. 30 until Sept. 5. Subscription by individual investors will be for one day only, on Sept. 12.

Lumi is specialized in car rental in the Kingdom. Its main activity is represented in three main business segments: car rental, car leasing, sale of used cars that are used in the two segments. Lumi operates via 33 branches, some of which are located inside the Kingdom's airports.

Seera Holding Group currently owns 100% of the company's shares prior to the IPO.